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Saudi crown prince congratulates PM Sharif on assuming office, invites to kingdom

The combination of photos shows Pakistan Prime Minister Shehbaz Sharif, center, and Saudi Arabia's Crown Prince Mohammed bin Salman, right. (AFP photos)
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Updated 16 April 2022
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Saudi crown prince congratulates PM Sharif on assuming office, invites to kingdom

  • Sharif expresses resolve to work closely with Saudi Arabia to further strengthen bilateral relations
  • Pakistan PM pays tributes to Saudi leadership for remarkable progress, development of kingdom
Updated 16 April 2022
Arab News Pakistan

ISLAMABAD: Saudi Crown Prince Mohammed bin Salman on Saturday spoke with Pakistan Prime Minister Shehbaz Sharif over the phone and congratulated him on assuming the office, besides extending an invitation to visit the kingdom at an early date, the Pakistan PM's office said. 

Sharif, 70, the younger brother of former premier Nawaz Sharif, was elected as prime minister on April 11 following a week-long constitutional crisis that culminated in the weekend ouster of Imran Khan in a no-confidence vote. 

“The Crown Prince warmly congratulated Mr. Shehbaz Sharif on his election as the Prime Minister of Pakistan,” a statement from PM Sharif's office read.  

"The Prime Minister thanked the Crown Prince for the felicitations and expressed his resolve to work closely with the Kingdom to enhance and further strengthen bilateral relations between their two countries." 

Pakistan has deep-rooted ties with Saudi Arabia, with nearly 2.5 million Pakistani expats living in the kingdom. 

“The Saudi Crown Prince extended his cordial invitation to the Prime Minister to pay an official visit to the Kingdom, at an early date,” the statement said. "Thanking the Crown Prince for his gracious invitation, the Prime Minister also extended an invitation to the Crown Prince to undertake a state visit to Pakistan." 

During the conversation, PM Sharif paid tributes to King Salman bin Abdulaziz and the Crown Prince Mohammed Bin Salman for the remarkable progress and development of the kingdom under their visionary leadership. 

The Pakistan prime minister reaffirmed his government’s commitment to further advance these relations to new heights. PM Sharif and the crown prince agreed to work together to further augment and diversify their bilateral ties in all spheres, in particular trade, investment and employment generation opportunities. 

“The Prime Minister thanked Saudi Arabia for its historic and continued support and cooperation, both bilaterally as well as at international forums, while also assuring the Crown Prince that Pakistan would stand by the Kingdom at all times,” the statement said.  

Earlier this week, King Salman and the crown prince sent a cable of congratulations to Sharif on his oath-taking.

Topics: Pakistan Saudi Arabia Pakistan Saudi Ties pak saudi ties Shehbaz Sharif Cronw Prince Mohammed bin Salman

Pakistan stocks hit new all-time high as IMF clears $1.32 billion disbursement

Updated 6 sec ago
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Pakistan stocks hit new all-time high as IMF clears $1.32 billion disbursement

  • Benchmark KSE-100 closes at record 169,456 after gaining 1,153 points amid strong buying
  • IMF said its executive board approved Pakistan’s latest loan review on Monday, unlocking about $1.2 billion
Updated 6 sec ago
Arab News Pakistan

ISLAMABAD: Pakistan’s equity market surged to an all-time high on Tuesday, with the benchmark KSE-100 index closing at 169,456, up 1,153 points (0.69 percent), as investor sentiment strengthened following the IMF’s approval of fresh disbursements under its existing loan program.

Traders attributed the record close to renewed risk appetite, driven by strong local institutional buying and confidence in the macro-economic outlook after the IMF said its executive board approved Pakistan’s latest loan review on Monday, unlocking about $1.2 billion and keeping the country’s IMF program on track. The surge extended a bullish trend that has carried the index upward through the final quarter of 2025.

In a session summary, Topline Securities said market momentum remained firmly on the upside.

“The bulls commanded today’s trading session with remarkable strength, lifting the benchmark index to breathtaking new heights,” it said. “After soaring to an intraday high of 1,297 points, the market closed at a record-breaking 169,456, gaining 1,153 points or 0.69 percent.”

Trading activity remained strong, with total volumes reaching 1.02 billion shares, while turnover rose to Rs 51.1 billion. K-Electric (KEL) led the volume chart with approximately 86.7 million shares traded, while heavyweights including Fauji Fertilizer (FFC), Lucky Cement (LUCK), Habib Bank Ltd. (HBL), Pakistan State Oil (PSO), and Maple Leaf Cement (MLCF) collectively contributed around 640 points to the index’s gain.

Analysts said improving liquidity, optimism over external financing and active participation from local mutual funds supported the rally. 

Market participants will now watch for macro data releases, fiscal performance indicators and further external funding commitments to assess whether the rally can sustain in the coming weeks.

Topics: Pakistan Stock Exchange

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